Westinghouse Electric Company, a manufacturer of equipment for nuclear power plants, would reportedly be acquired by Cameco and Brookfield Renewable Partners in a $7.9 billion deal. One of the biggest nuclear services companies in the world is Westinghouse.
With extensive uranium mining and milling operations and a Saskatoon headquarters, Cameco is one of the world’s biggest suppliers of uranium fuel for nuclear power, while Brookfield Renewable is one of the biggest investors in clean energy and transition assets, with about 125,000 megawatts of operational and development capacity worldwide.
The agreement, which was announced on Tuesday, comes at a time when interest in nuclear power is increasing due to the energy crisis and skyrocketing prices for crude oil and natural gas.
In order for nations to achieve the worldwide net-zero carbon emission goals, nuclear power is also essential.
We’re witnessing some of the best market fundamentals we’ve ever seen in the nuclear energy sector, according to Tim Gitzel, president and CEO of Cameco.
In a world where electrification, decarbonization, and energy security are valued above all else, nuclear energy is becoming more and more significant as one of the only electrical production methods capable of producing emissions-free, baseload power safely, reliably, and competitively.
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“Partnering with Cameco brings deep nuclear sector expertise, alongside our knowledge of energy markets and global customer base, to form a formidable champion for nuclear power,” said Connor Teskey, CEO of Brookfield Renewable in Toronto. “Through our strategic relationship with Cameco, we see considerable potential to grow the business and deliver on broader growth in the nuclear power sector.
Cameco will hold 49% of Westinghouse, with the remaining shares being held by Brookfield Renewable and institutional investors.
Westinghouse Electric will be purchased by Cameco and Brookfield Renewable in a $7.9 billion deal.
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